Forum Markets, Incorporated · NASDAQ:FRMM
Forum Markets — Investor Presentation (October 2026)
18 slides from Forum Markets's investor presentation, October 2026
Slide 1: Forum Edge AI: Inference Infrastructure Opportunity
Forum Edge AI: Inference Infrastructure Opportunity October 2026
Slide 2: Disclaimer
Disclaimer Unless the context otherwise provides, “we,” “us,” “our,” the “Company,” “Forum,” “Forum Markets,” and like terms refer to Forum Markets, Incorporated and its subsidiaries . Disclaimers and Other Important Information We have not authorized any other person to provide you with any informa
Slide 3: Highlights
Highlights Preeminent management team: Decades of collective experience across infrastructure, aviation, energy, and AI real assets paired with Edge Node AI's technical expertise to drive modular HPC deployments at powered sites from day one. Modular deployment – Forum has fully funded Phase 0:
Slide 4: $22M Forum JV Equity: Phase 0 Footprint and Economics
Phase 0 Scope Footprint and Economics At Fully-Funded Phase 0 Only Illustrative Earnings Consolidated at Forum Capital Footprint Equipment Facility $442M Of project capital deployed at the JV: Revenue, End of Phase 0 Run-Rate $22M Forum JV Equity $262M $403M of equipment plus $38M of site, power, co
Slide 5: Forum Markets Leadership
Forum Markets Leadership Executive Leadership Board of Directors • 25 years experience • Senior finance • Vice Chairman, • Founder, Signum private and public equity executive across Investment Banking, Growth Capital & credit markets aerospace, defense & Lazard • Cofounder Evercore • Founder Pelagic
Slide 6: Extending Digital Infrastructure to Compute Financing
Extending Digital Infrastructure to Compute Financing Forum’s Platform Approach Naturally Meets AI Token Production And Powers Multiple Value Propositions The compute footprint is moving; Forum has identified an Di r e c t Pr oj e c t O wn e r s h i p under-served and under-capitalized opportunity 5
Slide 7: Forum Edge AI Platform
Forum Edge AI Platform Forum Edge AI Forum Markets Forum Markets 51% Edge Node AI 49% Edge Node AI The joint venture | Powered, fiber-enabled edge inference nodes Live, phased capacity Nasdaq: FRMM | Manager | Capital, structure • Dallas: 2 MW energized today; 4 MW in Phase 0 Technology | Sites | Op
Slide 8: Unlocking Powered Compute Adjacent to Demand
Unlocking Powered Compute Adjacent to Demand Delivering distributed capacity in already energized footprints: quickly and without mega project risks 0 1 yr 2 yr 3 yr 4 yr 5 yr 6 yr 7 yr Traditional Greenfield Acquire land Interconnect Permit Construct Energize Install compute 4–7 years Forum Edge No
Slide 9: Risk-Controlled Scale into a Large, Durable Edge Inference Market
Risk-Controlled Scale into a Large, Durable Edge Inference Market Inference is where the market is going; we can already deliver proximity with granular, controlled expansion AI Inference and Edge Compute Markets Where That Future Demand Lands $ Bn $300 274 ~70% C e ntralized AI F acto ry Regional H
Slide 10: The Metro Module - One Hub, Up to Fifty Tower Sites
The Metro Module - One Hub, Up to Fifty Tower Sites Tower sites carry 91% of the GPUs and 91% of the capital in a metro module One Hub, Up to Fifty Tower Sites - Discretely Financed The Entities Behind It Up to 50 tower sites 21,600 GPUs | 48.6 MW Forum Edge AI JV Forum Markets 51% | Edge Node 49% R
Slide 11: Discrete Pods Scale by Tower Site, then by Metro Hub
Discrete Pods Scale by Tower Site, then by Metro Hub Dallas, TX High Point, NC Next Metros C ap a c i t y C o m p o u n d s b y P h a s e (1) Energized Today Energized Q1 2027 Phase 2+ Hub Hub Hub 123 MW contracted 120 MW energized Each spoke is one tower site 63 MW contracted 63 MW energized One To
Slide 12: Contracted Customers and Segmentation Strategy
Contracted Customers and Segmentation Strategy Balances offtaker support for equipment finance with attractive spot given speed-of-delivery Representative Offtakers Open-Model Inference Provider GPU Spot Marketplace Multi-Tenant Virtualization Inference and Fine-tuning Platform Open-model Inference
Slide 13: Tower Power
Tower Power Tier 1 Partners The Excess Power Unlock Sites Owner # of Sites % Market Screened Available MW Phase 1 Stage Optioned Contracted Energized Share at 1-2 MW / site MW Deployable(1) for Day 1 Screened portfolio Site under Site drawing executed order power at meter ~17,000 ~4% ~486 486-972 MW
Slide 14: GPU Supply Secured
GPU Supply Secured Installed cost per GPU, annual revenue per GPU, and residual value against the loan balance Equipment Cost Bridge: Percent of All-In Cost per GPU What Goes In at Every Site 6% 100% 4% 4% 8% 11% 67% + + + GPU compute Rack and cooling Tower site Power upgrade NVDA B300 nodes and liq
Slide 15: Tower Footprints Motivate Discretely Built, National Network
Tower Footprints Motivate Discretely Built, National Network Strategic start in North Carolina and Texas with outsized expansion opportunity across continental united states Thirty Targeted Metros • The 30 largest MSAs hold ~150m people; the three screened tower portfolios hold their deepest tower p
Slide 16: Immediate Capacity, Rapid Expansion
Immediate Capacity, Rapid Expansion Phase 0 establishes first tower deployment; site additions and new hubs drive capacity beyond 100MW MW energized (cumulative) Phasing Unlocks Energized Phase 0 - Added in period Phase 1 - Option Incremental Cum. Exp. MW 30 Phase Platform Expected MW Energized Dall
Slide 17: Unit Economics
Unit Economics Discretely scalable project deployments – equity underwriting perspective Percent of Net Revenue(1) Model Inputs REVENUE DRIVERS TOWER HUB 100% (1%) (6%) Contracted rate ($ / GPU-hour) >$4.00 >$4.00 100% — (4%) (<1%) (1%) (1%) (6%) Contracted share of hours 100% 100% (<1%) (2%) (1%) (
Slide 18: Market Competitive Context
Market Competitive Context Strategic positioning to become the market leader in Edge and Inference compute provisioning Market Cap / Edge / Inference Company Model Scale Tower Partnership Public Valuation(1) Focus >10 MW in 1H27 Tower-anchored Forum Edge AI Phase 0 Edge GPUs Access to ~1,000 sites (